Financial Freedom Senior Funding Corp., a reverse mortgage lender owned by IndyMac Bancorp of Pasadena, Calif., has issued three securitizations of home equity conversion mortgages totaling $281 million through Ginnie Mae.

Ginnie Mae announced the bond issues late last month. Two of them carry fixed rates, and the third is pegged to the London interbank offered rate.

A spokeswoman for Ginnie Mae said these were among the first securitizations of reverse mortgages handled by the federal agency that were not pegged to the one-year, constant-maturity Treasury rate.

Home equity conversion mortgages are insured by the Federal Housing Administration and are the predominant product on the reverse market.

Since September 2007 six pools of such loans, totaling $648 million, have been securitized through Ginnie's program, which Financial Freedom joined on March 26.

IndyMac shuttered most of its mortgage lending businesses Monday but is keeping Financial Freedom.

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